Egypt has lost more than $9 billion in direct revenues from the Suez Canal over the past two years due to regional instability and Israel’s war in Gaza, President Abdel Fattah al-Sisi said on Wednesday.

The Suez Canal, a crucial maritime route for around 12% of global trade, faced major disruptions in late 2023, when Yemen-based Houthi rebels began attacking commercial vessels in the Bab el-Mandeb Strait and the Red Sea amid the Israel-Hamas conflict.

Sisi told delegates at the World Economic Forum in Davos that Egypt is “paying the price” for the events, which have affected the North African country’s “major waterway.”

“We have lost billions of dollars because of the impact of the war on the… Suez Canal, for the last two years,” Sisi said.

He said his government’s efforts to build strong regional and international partnerships for mutual benefit and economic growth have been undermined by escalating geopolitical conflicts and the erosion of “international legitimacy by some parties.”

The Egyptian leader used the Davos forum to press for a permanent end to the Gaza conflict and stability in the Middle East, citing the implications for global trade.

His remarks come amid renewed global efforts led by US President Donald Trump to support recovery in the Palestinian enclave. Trump has announced the creation of a ‘Board of Peace’ to oversee funding, security, and political coordination in Gaza during a transitional period following a ceasefire between Israel and Hamas, and has invited Russian President Vladimir Putin to take part.

On Wednesday, Sisi stressed the need to consolidate the ceasefire and ensure the unrestricted flow of humanitarian aid to Gaza.

He reiterated Egypt’s support for the Palestinian cause, adding that Cairo “will spare no effort in continuing to engage with all concerned parties in an effort to find a just, comprehensive and lasting solution to this issue, based on the two-state solution.”